Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1887-03-25
BE IL enacted by the Le5tslatice Assembly
of Tie Territory of Idaho as Jfollotcs;
CHAPTER vi.

sioners OF any county may issue negoti-
able coupon bonds OF their county for
the purpose of paying, redeeming. fund
ing or refunding the principal and
interest Of any Of the following indebt-
edhess of their cohnty, when same can
be done at lower rate of interest and
to the profit and benefit of the county.
First. ANY Indebtedness contracted
prior to July 80, A d 1886.
Necond.-Any indebtedness contracted
subsequent to July 80, A d 1886.
End all bonds Issued tinder the con-
ditions of this act must show on their
face for which of the foregoing classes of
indebtedness they are issued. Said
bonds shall be issued as near as practi-
cable in denominations of one thousand
dollars each, but bonds of the denomina-
tfons of i've hundred and one hundred
may be issued when neeessary said
bonds must bear interest at the rate of
not to exceed eight per cent per annum,
to be paid on the first day of January
and the first day of July in each year at
the Office of the county treasurer or at
such bank in the city of New York as
may be designated by the board OF
cothnty commissioners, at the option OF
the holder thereof, such bonds to be
redeemed by the county in the folio wing
mauner' ten per cent of the total
amount Issued to be paid ir ten years
from the date ofissue, and ten per cent
annually thereafter until all of said
bonds are paid, making the last bonds
redeemable twenty years from date of
issue, but said bonds or any part there
of may at the option of the county
issuing the same be redeemed at any
time after five years from the date of
their issue, Preceded, such time and
option be stated ON the face of each
bond, and each bond must be redeemed
In the order it is numbered.
1903. The bonds mentioned in Sec
tion 3G02. of this chapter must
have attached to each bond when
negotiated. semi-annual interest coupons
covering the interest expressed in the
bond from the date of issue until paid ;
such bonds must be signed 10y the
chairman of the board of county COM
missioners attested by the clerk of said
horrd, and bear the seal of the board of
County commissioners and counter
signed by the county treasurer of the
snrh bonds must be signed by the
treasurer of said county. Each coupon
must have annexed to the same a num-
Der corresponding with the number OF
the bond, and each bond must state
upon its face the amount for which the
same is issued, to whom issued, and the
date of issue, and must also recite that
IL is issued in conformity with the pro-
visions of this chapter, must be printed
on the back of each bond.
56O4 The said board of county COM
missioners mnst give notice by pnblica-
ton in some newspaper published in
the county, if there lie one, otherwise
hy three notices posted up in the coun-
~, one of which must be at the court
house door, OF Its intention to issue and
negotiate such bonds and invite bidders
therefor, and after ascertaining the best
which such bonds can be negotiated,
must secure the proper engraving and
printing thereof, and thereafter must
have them consecutiyely numbered and
otherwise properly prepared and execu-
ted, and when so executed, they must
be by the auditor registered in a public
record book to be kept for that purpose,
and therein must be stated the nun Der,
date, amount of bond, time and place OF
payment, rate of interest. number OF
coupons attached, and any other proper
description thereof for future identified
ton. That the said board must from
time to time I'D such amounts as it may
deem best, deliver said bonds to the
county treasurer and take and file his
receipt therefor and charge him with all
bonds so delivered, and any duties
required of said board in pursuance of
the provisions of this chapter may be
performed at any general, special or
Jailed meeting thereof. The treasurer
must, under the general supervision OF
said board sell said bonds for cash, or
Exchange them for any of the county
indebtedness for tile redemption oil
which they were SO issued. but in no
case must such bonds be sold or ex-
changed for less than their face or par
Value and the accrued interest at the
time of disposal, nor must any county
indebtedness be redeemed at more than
its face value and any interest that may
he due thereon: If any portion of said
bonds are sold for money, the proceeds
thereof must be applied exclusively to-
wards the redemption OF said county
;ndebtedness for the redemption of